US Budget deficit projected to be $492 billion...

[Engineer]

http://www.cnbc.com/id/101665074

Tax receipts have surged this year as the economy has improved. The Congressional Budget Office expects the deficit will shrink to $492 billion during the fiscal year, which began in October. In 2013, the government ran a $680 billion deficit.

So far this year, the government has run $306 billion into the red. That deficit is 37 percent smaller than it was in the same period of fiscal 2013.

Well, going in the right direction on the deficit. I suppose we will see if it continues (not sure how unless incomes start to rise to spur on economic growth).

Nearly a trillion off of the all time high from just a few years ago.

By the way, I searched and found nothing on this. I saw the article on the day it came out. Surprised (or not?) that it wasn't posted here.

 

[sandorski]

Nice.

 

[IronWing]

Cool! So what should we spend the extra money on? :biggrin:

 

[sandorski]

Cool! So what should we spend the extra money on? :biggrin:

 

[Engineer]

Cool! So what should we spend the extra money on? :biggrin:

Oh, I'm sure there will be something. Looks like the highway fund is projected to run out in July because of not enough gasoline usage (LOL), therefore generating lower tax revenue (of course, the US has now removed the law against Interstate toll booths to take care of that - *ugh*). Looks like nearly a million road and bridge people will be laid off.

 

[Anarchist420]

even if the deficit were going to be what the CBO projects it to be it is still WAY too high... it should be zero.

it's so fuckin infuriating given that there is no reason collect and spend as much as it does. u.s.g tax revenues could be reduced to not more than ~1.3Tn, expenditures reduced to not more than ~1.6Tn, and then all troops called home, all overseas bases closed and all the weapons in them sold, complete repudiation of debt owed to non-u.s. citizens, the remaining debt along with an equivalent amount of u.s.g. assets decentralized to each State based upon representation, then the remainder could be sold to individuals each year to balance the budget.

it could even help american manufacturing if the debt held by china were cancelled.

but the u.s.g would never do that because it loves its power too much and it loves serving the banksters.

bailing out GM wasnt good overall and bailing out the banks didnt do good overall because it would've been a lot cheaper to bail out some of the people with underwater mortgage. borrowing from china, excessive tax revenue, excessive money printing, and excessive public expenditure have not only set the stage for Hillary Clinton and no possibility of changing course to liberty, but they have given abysmal results and anyone who thinks otherwise is even dumber than i. PPR continues to go down, prices of everything are inflated by the State, savings are being wiped out, private employment not subsidized by the State is the lowest it has ever been, innocent people are getting shot by the cops and the FBI at home, the u.s. military is murdering massive amounts of innocents abroad, people are coming home with PTSD en masse, something coming up that will be a lot worse than the attacks in 2001, etc.

 

[ElFenix]

Oh, I'm sure there will be something. Looks like the highway fund is projected to run out in July because of not enough gasoline usage (LOL), therefore generating lower tax revenue (of course, the US has now removed the law against Interstate toll booths to take care of that - *ugh*). Looks like nearly a million road and bridge people will be laid off.

i thought that was only floated as an idea a couple weeks ago by obama

 

[Engineer]

i thought that was only floated as an idea a couple weeks ago by obama

Last I heard, the law was removed. There was (the next day) an article about the new Ohio bridge between KY and Ohio and the adding of toll (camera) to take care of the costs.

Mississippi has already started looking at installing toll stations as well.

Edit: You're right, it's included as language in the proposed bill. Not passed yet. With the highway funds running out (projected in July), there will be a push for this. I'm sure Congress can pass it to the states and let them put the 'fee' out there instead of the evil gasoline 'tax' (raise).

 

[Pulsar]

The the amount that we overspend each year is only going to be 1/2 a trillion dollars this year.

Only.

*Golf clap*

In the mean time, how's the current national debt doing? What is it now, 14 trillion and growing? 18 trillion?

What would our budget SURPLUS need to be just to cover the interst on the current national debt?

I see no reason to be happy at all.

 

[Engineer]

The the amount that we overspend each year is only going to be 1/2 a trillion dollars this year.

Only.

*Golf clap*

In the mean time, how's the current national debt doing? What is it now, 14 trillion and growing? 18 trillion?

What would our budget SURPLUS need to be just to cover the interst on the current national debt?

I see no reason to be happy at all.

Surplus? Why need a surplus to cover the interest when the interest is already figured into the yearly deficit?

Of course you can't be happy. It's not magically ZERO 'RIGHT NOW'.

But, I'm not completely happy as I don't see that it's sustainable. I think it's a temporary spike (bubble if you will) because the underlying economy isn't the reason for the spike in revenue. But...it is far better than 1.4 trillion and going, at least now, in the right direction.

 

[WackyDan]

even if the deficit were going to be what the CBO projects it to be it is still WAY too high... it should be zero.

it's so fuckin infuriating given that there is no reason collect and spend as much as it does. u.s.g tax revenues could be reduced to not more than ~1.3Tn, expenditures reduced to not more than ~1.6Tn, and then all troops called home, all overseas bases closed and all the weapons in them sold, complete repudiation of debt owed to non-u.s. citizens, the remaining debt along with an equivalent amount of u.s.g. assets decentralized to each State based upon representation, then the remainder could be sold to individuals each year to balance the budget.

it could even help american manufacturing if the debt held by china were cancelled.

but the u.s.g would never do that because it loves its power too much and it loves serving the banksters.

bailing out GM wasnt good overall and bailing out the banks didnt do good overall because it would've been a lot cheaper to bail out some of the people with underwater mortgage. borrowing from china, excessive tax revenue, excessive money printing, and excessive public expenditure have not only set the stage for Hillary Clinton and no possibility of changing course to liberty, but they have given abysmal results and anyone who thinks otherwise is even dumber than i. PPR continues to go down, prices of everything are inflated by the State, savings are being wiped out, private employment not subsidized by the State is the lowest it has ever been, innocent people are getting shot by the cops and the FBI at home, the u.s. military is murdering massive amounts of innocents abroad, people are coming home with PTSD en masse, something coming up that will be a lot worse than the attacks in 2001, etc.

You could tax everyone at 100% and still not have enough to cover the rising liabilities of Social Security, Medicaid, Medicare, etc... and that is with spending cuts.

We're fucked. Might as well spend it all now and in 40 years we'll press the reset button on this nation and start over again.

 

[MongGrel]

Cool! So what should we spend the extra money on? :biggrin:

Keeping Republicans out of office so they don't trash it again.

 

[TerryMathews]

Keeping Republicans out of office so they don't trash it again.

I'm sorry, did you misspell Democrats?

 

[rudder]

Keeping Republicans out of office so they don't trash it again.

http://news.medill.northwestern.edu/chicago/news.aspx?id=230603

Here we go again you damn Republicans.

 

[fskimospy]

You could tax everyone at 100% and still not have enough to cover the rising liabilities of Social Security, Medicaid, Medicare, etc... and that is with spending cuts.

We're fucked. Might as well spend it all now and in 40 years we'll press the reset button on this nation and start over again.

What are you basing this on?

 

[Fern]

http://news.medill.northwestern.edu/chicago/news.aspx?id=230603

Here we go again you damn Republicans.

What does any of that have to do with Republicans?

Fern

 

[michal1980]

yah only 1/2 a trillion.

 

[LegendKiller]

AFAIK - that does not include the ~120bn in student loans funded per year.

 

[zanejohnson]

it's actually semi good/bad news...


there's no reason to lower the deficit.......but we did... all it means is a de-inflation of the dollar by a tiny bit.... all this actually does is expand the window that .gov can create more useless crap and loopholes/hacks to the sytem that a few people know how to use to their advantage..which is good..

it sucks that cigz are gonna cost 8 bucks instead of 5 now...

so if your rich (your spending less than you make) you just got richer (because everyone else isn't) if your poor (you dont make anything or you are using a credit card or some othe cockamamey, non dollar equivalent) you shall be poor and bugs shall crawl apon you.

 

[MongGrel]

I'm sorry, did you misspell Democrats?

Not at all.

It usually takes at least 6 years to fix someone elses mistakes in my lifetime at least.

Minimum, while the other party yells about crap even while it's improving.

After they leave it a mess.

Then the whole thing goes into the toilet again and start from scratch, once they brainwash people again.

GOP has been good at that the last 40 years or so, wouldn't be surprised if they pull it off again.

Fortunately, some people seem to be getting smarter, maybe evolution is real.

 

[rudder]

Keeping Republicans out of office so they don't trash it again.

http://news.medill.northwestern.edu/chicago/news.aspx?id=230603

Here we go again you damn Republicans.

What does any of that have to do with Republicans?

Fern

Nothing. You have to pay attention to the original quoted text. This guy mongrel thought that be keeping republicans out off office that the U.S. would not go down the same road. I was pointing out his error.

 

[Matt1970]

The the amount that we overspend each year is only going to be 1/2 a trillion dollars this year.

Only.

*Golf clap*

In the mean time, how's the current national debt doing? What is it now, 14 trillion and growing? 18 trillion?

What would our budget SURPLUS need to be just to cover the interst on the current national debt?

I see no reason to be happy at all.

$17.5 Trillion and the interest on our debt currently stands at $247 Billion/year.

http://www.usdebtclock.org/

AFAIK - that does not include the ~120bn in student loans funded per year.

There is probably more than that. We hit the $17 Trillion mark in Oct 2013 right after the 2014 fiscal year began. Simple math puts us at $500 Billion in just 7 months.

 

[MongGrel]

Was nothing before Dubya took office.

 

[shady28]

http://www.cnbc.com/id/101665074



Well, going in the right direction on the deficit. I suppose we will see if it continues (not sure how unless incomes start to rise to spur on economic growth).

Nearly a trillion off of the all time high from just a few years ago.

By the way, I searched and found nothing on this. I saw the article on the day it came out. Surprised (or not?) that it wasn't posted here.

This is not because our Gov't is getting responsible or cutting spending in any significant way.

It's because they've increased taxes and corporate earnings have recovered, revenue is higher.

If the Fed Gov't spent the same amount today as it did in 2007, we would have a $275 Billion surplus, not a $450 Billion deficit.

Tax Revenue by Year (in Billions)

2006 2,409
2007 2,568 <-- previous high
2008 2,524
2009 2,105
2010 2,162
2011 2,303
2012 2,450
2013 2,775
2014 3,001 (est)

Spending by Year (in Billions)

2006 2,655
2007 2,728
2008 2,982
2009 3,517
2010 3,457
2011 3,603
2012 3,537
2013 3,454
2014 3,650 (est)

http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=200

 

[Matt1970]

Was nothing before Dubya took office.

But Buuuuuuuuuussssssh.